OK, Ken, I did exaggerate with the Zimbabwe example. At least I hope I did, but it does not take that degree of catastrophe to wipe out Social Security benefits. I have been retired for 5 years now, but at 60 I am not eligible for Social Security. Even so, in that short time I have seen gas prices quadruple, the value of my house decrease by $100,000 (one fifth of its value in only 5 years), utilities double, and so forth.
Consider this: When I was in high school (early ’60′s) gas was 25 cents/gallon. I once paid 16 cents ($.159) a gallon in – get this – New Orleans. Motel 6 was $6.00 a night. Premium ice cream (the kind you can’t buy today at any price) was 99 cents a half-gallon. Milk was 47 cents a half-gallon. My first car cost my parents $3,000 brand new. They bought their custom-built house in 1950 for $8,500 (land included). I had a good job – $1.50 an hour and was absolutely elated when the boss raised it to $1.75 on merit. If I retired in 1960 earning that amount in Social Security (some $3,500 a year) would I be able to survive today? That’s how inflation works and that’s how I believe the government (Republican, Democrat, or Ralph Nader) will eliminate the SS benefits: Raise the minimum wage to $100,000 a year, tax that, let prices increase accordingly (thus ripping off everybody’s savings in the bargain), and keep the seniors on their defined allotments (now worthless). Ain’t politics a hoot?
